BMW AG’s profits fell slightly in the in the third quarter despite strong sales of its vehicles, particularly its X5 sport-utility vehicle made in South Carolina. The company sold 509,669 cars worldwide, an increase of 5.8%.
The Bavarian automaker’s net profit dropped 1.2% in the quarter due to non-cash losses on foreign currency hedges and the reduced value of a stake in a key supplier. The company is saying it expects to be more profitable this year than it was last year.
Net profit of 1.31 billion euros ($1.64 billion) for the third quarter ending Sept. 30 fell short of analyst expectations for 1.36 billion euros, reported by the Associated Press. (more…)